Know where to find affordable flats in Pune that are strategically located and offer good scope for capital and rental values to appreciate.

Photo Courtesy: modiproperties.com

The realty market in Pune was recently ranked at number two in the country, right behind Bangalore. The city offers a slew of properties, although thirty percent of the share is grabbed by affordable ones, priced between Rs 40 and 60 lakhs. There are several neighbourhoods in Pune where one can seek such projects. Some of them are:

Undri

Hadapsar

Ravet

Undri

The neighbourhood is close to Pune’s manufacturing and IT sectors and hence caters to the spill over demand for affordable flats in Pune. Offices located in Phursungi, NIBM Wanowrie, Hadapsar and MG Road is located close to the area. The Pune Railway Station and Airport are 10 and 16 kilometres from here respectively.

The capital values for in Undri vary between Rs 4450 and 5500 per sq. ft. Smaller configurations like 1BHK flats in Pune at Undri are available between Rs 20 and 50 lakhs while 2BHK flats cost from Rs 28 lakhs to 1.3 crores. The sizes of the flats are 500 to 800 sq. ft. and 700 to 2500 sq. ft. respectively.

Hadapsar

Photo Courtesy: favista.com

Known to be the home of two SEZs in Pune- Phursungi IT Park and Magarpatta City, Hadapsar serves as a residential area to thousands of professionals employed here. A variety of affordable apartments in Pune are offered here. The capital values of the area range between Rs 5050 and 6800 sq. ft. There for 1BHK flats in Hadapsar, you would have to spend Rs 10 to 60 lakhs. These flats are sized from 400 to 1000 sq. ft. The 2BHK apartments in the area cost between Rs 25 lakhs and 1.35 crores. The area of these flats varies between 800 and 1100 sq. ft.

Hadapsar is positioned close to the Pune Railway Station and Airport and Solapur Pune Highway. The area is served by PMPML and state transport buses. Numerous flyovers have come up in Hadapsar to decongest the traffic.

Ravet

A part of the PCMC and located towards the northwest of Pune, Ravet is referred to as Gateway to Pune as it is the first neighbourhood along the Pune Mumbai Expressway when going from Pune to Mumbai. The area is located close to Baner, Wakad, Balewadi and Hinjewadi, which are known IT hubs of the city.

The main advantage of Ravet is its location- the confluence of Katraj-Dehu Road Bypass, old NH4 and Pune Mumbai Expressway. The Bus Rapid Transport Road makes it easy to access Talegaon, Chakan, Chinchwad and Pimpri from here. Reputed colleges such as PCMC Engineering College and DY Patil are positioned here.

The average values of capital in Ravet range between Rs 5040 and 6020, which means to buy property in Pune Ravet of 1BHK, one would have to spend Rs 25 to 48 lakhs. For a 2BHK apartment, the amount is hiked to Rs 35 lakhs to 1.2 crores. The flats are sizes from 600 to 800 sq. ft. for the 1BHK ones while the 2BHK flats measure 900 to 1700 sq. ft.

Given the way price of property in Pune is increasing, the amount needed to make an investment here would increase manifold. Hence it would be a good idea to invest here soon.

Know where you should invest in Pune for a luxury apartment close to all social amenities.

The luxury housing property segment is gaining much traction in Pune, evident from the enquiries pouring in about the properties and their subsequent sales. City developers are quite upbeat about the response received for premium apartments in Pune and have launched numerous projects with the notion that luxury does not experience slowdowns. In terms of conveniences and amenities offered, luxury properties are a completely new dimension.

The top three areas in Pune that are experiencing a slew of constructions of luxury projects are:

Koregaon ParkKalyani NagarBaner

Koregaon Park

Undoubtedly, Koregaon Park is considered among the upscale and expensive residential localities of the city. Prior to the establishment of the Osho commune as well, the area was the first choice for construction of bungalows. The Osho Commune has certainly transformed the way Koregaon Park looked. Its identity is very different from any other part of the city. The area is one of the first choices for those looking for luxury apartments in Pune. It is also the first choice for any commercial or retail establishment. Its closeness to Kalyani Nagar which is an IT dominated area has contributed much to keep the area in demand among home buyers.

Kalyani Nagar

The area has emerged as a premium luxury residential realty destination in east Pune. It is strategically located between Viman Nagar and Koregaon Park and is near the Pune Railway Station and Airport. Both Hadapsar and Kharadi are well connected to the area which is why it is an ideal locality for commercial and business establishments to flourish. The Mumbai Pune Expressway has been an important contributing factor. It has several plush hotels and a golf course. Numerous reputed social establishments are based here. Among the three localities mentioned, Kalyani Nagar has had the rapidest growth trajectory.

Baner

Baner emerged as the location for luxury apartments in Pune when the prices of properties in central Pune started escalating. Investors and potential buyers who have been on the lookout for affordable options which were well connected to different parts of the city have found the ideal ones in Baner. The construction of the Rajiv Gandhi IT Park in Hinjewadi benefited Baner immensely as it was able to cater to the demand from buyers who were looking for properties close to the IT Park and those who wanted to stay close to central Pune.

Initially, the neighbourhood was meant for the middle income buyers. However, the profiling of the area began to change and it became a zone for premium apartments in Pune. Several major developers have begun catering to the demand for premium properties here through projects with plush designs and amenities.

This article talks of the various areas in Pune where IT professionals can live to walk to work.

Out of all the areas, East Pune has witnessed a steep increase in property demand and rates. Most of this increase can be attributed to the IT sector concentrated here. The job opportunities are ample which has spurred the demand for residential properties. Compared to other east Pune neighbourhoods, Kalyani Nagar, Viman Nagar, Kharadi and Hadapsar seem to be doing better.

1. Kalyani Nagar

Real estate in Kalyani Nagar shot up after companies developed their bases here. Home buyers prefer the area for its strategic location between Viman Nagar and Koregaon Park and the Mumbai Pune Expressway. Among Pune localities, Kalyani Nagar has been developed the quickest. The Aga Khan Bridge was constructed to ease communication between Koregaon Park and Kalyani Nagar. The area is home to several expats and senior level management executives.

Pune real estate in Kalyani Nagar has a capital value of Rs 8500 per sq. ft. The prices of 2BHK apartments can increase up to Rs 10 crores even!

2. Viman Nagar

Those buyers looking for investment options in cosmopolitan areas should consider Viman Nagar. It serves the needs of both non locals and locals and developers are coming up with new property in Pune in this area. The expanding IT sector of the area has seen the arrival of a large migrant population. Those wanting to live close to the Pune Airport also choose this area as it is only half a kilometre away. The average property price in Viman Nagar is around Rs 7000 per sq. ft. For a 2BHK apartment, you would have to pay anything from Rs 25 lakhs to Rs 3.5 crores.

All these neighbourhoods are preferred by the IT crowd, whose size is growing exponentially almost every year.

3. Kharadi

Easy access to several neighbourhoods of Pune has boosted development of the area. There are several pharmacy, manufacturing and automobiles companies that have been proposed for the area in the SEZ that is under construction. The Bangalore-Mumbai Infrastructure Corridor passes through the area which is a further boost to it. Commercial properties, educational institutions and healthcare facilities have been constructed n the area which has furthered the possibilities of development.

Currently, Pune property prices in Kharadi hover around Rs 6000 per sq. ft. and units are available from Rs 25 lakhs to 5 crores in the area.

4. Hadaspar

Being in close proximity to the Magarpatta IT hub, the walk to work culture is most prominent in Hadapsar. It is around 5 kilometres from Magarpatta City and auto rickshaws can be availed for commuting to the area. The social infrastructure of the area has also improved over the years. Hadapsar has round the clock availability of water and electricity and is less expensive than areas such as Magarpatta, Camp and Fatimanagar. It enjoys good connectivity through the NH9. Those looking for affordable properties in East Pune choose Hadapsar.

Property rates in Pune Hadapsar are around Rs 5200 per sq. ft. Therefore, 2 BHK apartments can be availed for anything between Rs 20 lakhs and 4.5 crores.

Along with Bangalore, Pune has been identified as one of the preferred destination to invest and buy property in India or even to stay. Its close proximity to Mumbai, has attracted several corporate houses, IT companies and educational institutions to get established in Pune, which in turn has encouraged a huge population from different regions. Being a rapidly developing and evolving city, it is less expensive and offers all sorts of convenience and facilities like Mumbai.

Though the main city is saturated, yet the suburbs offer a good property option to buy or invest with better appreciation value. The suburbs are also a good option for rental purpose as the rents are comparatively less for being away from the city. These areas are well connected with the city and are equipped with all modern amenities. This is why not only the main city of Pune, but its suburbs also buzz with new residential developments to meet the demand of the buyers and are experiencing an extraordinary growth in the real estate sector. Thus, if anyone wants to shift to Pune where the main city is already flooded, then he/she can opt for Pune properties in the suburbs which offers the best option at a good price.

However, the establishment of the corporate hubs is one of the main reasons for the real estate growth. The IT sector offers good remunerations to its employees, which has changed the spending power of the residents who comes from different parts of the country. This has further transformed the property sector into an affordable one, making it easier for the workforce shifting there or the students who have moved into the city for study purpose to own, invest or rent a property.

This increase in the population has led to rise in demand of properties and has also Pune market more affordable. Also, several huge infrastructure developments in the pipeline such as proposed international airport and metro rail plan are a delight for the developers and for the residents, buyers, investors and those who want to relocate by renting. Overall, localities near the commercial sector or IT hubs have been witnessing the maximum demand in terms of both rented or owned accommodation.